Plaintiffs in the controversial takeover of Abuja Electricity Distribution Company (AEDC) have agreed to settle out of court.

CEC Africa Investments Limited and KANN Utility Company Limited had sued the attorney general of the federation and the Central Bank of Nigeria as first and second defendants over the federal government’s directive for the company’s takeover.

Also joined in the suit (FHC/ABJ/CS/1557/2021), dated and filed on December 8, 2021, were the BPE, finance ministry, AEDC, United Bank for Africa (UBA) and United Capital Trustees Limited as third to seventh defendants, respectively.

At the resumed hearing before Justice Inyang Ekwo of the Abuja Division of the Federal High Court, on Wednesday, counsel to the plaintiffs, Etigwe Uwa, informed the court that his clients were already taking steps to settle the matter out of court.

The lawyers to the defendants Ahmed Raji, Wole Olanipekun, E. O. Sule, A.U. Mustapha, Harry Kaijiofor, Adedayo Adeyemo and O. Opasanya, who appeared on behalf of intervener applicants, all described the move as a welcome development.

Following that, Mr Ekwo made an order granting leave for the lawyers to settle out of court.

He adjourned the matter until April 25 for a report on the out-of-court settlement.

The plaintiffs had sought an order restraining the AGF, CBN, BPE and the ministry from interfering with AEDC’s operations and management.

They also sought an order, restraining the AGF, CBN, BPE and the ministry from taking any steps which may transfer or forfeit or reduce, or take over the 60 per cent shareholding of the second plaintiff in AEDC in any manner or limit the second plaintiff ability to exercise its full rights over the shares pending the hearing and determination of the matter.

The judge had, on December 10, 2021, ordered the parties to maintain status quo after counsel to the plaintiffs, Mr Uwa, moved an ex parte motion to the effect.

(NAN)